Bitcoin Review for Casino Players 2018
A bitcoin casino is a casino where you can play with, or at least make deposits with, the virtual currency bitcoin (BTC). In casinos where you can deposit bitcoin but not play in the currency bitcoin, your deposit will be converted to any of the currencies supported by the games in the casino.
So far, Mbit Casino is the only online casino we can recommend for those who want to play with bitcoins, as the other bitcoin casinos we’ve tried have very limited gaming and unclear ownership. They also do not indicate whether they have any game license or not.
Mbit Casino is so far the only bitcoin casino available in USA EU and UK and has a gaming license in the EU / EEA area. Mbit Casino also distinguishes itself by offering support through both email, live chat and phone (with USA EU and UK phone number). At Mbit Casino there is a very large game range because they collaborate with large and well-established game makers like NetEntertianment, IGT, Betsoft, Play ‘GO, Bally and NextGen Gaming. Mbit Casino is owned by Dumarca Holding, located in the EU country of Malta.
What is bitcoin?
Bitcoin is a digital currency that is not issued by any national central bank. Currency bitcoin has become popular because it allows payments over the internet without the involvement of banks or similar transaction companies. Transaction costs are usually lower than if you want to use VISA or MasterCard, for example, and you may be much more anonymous when using bitcoin. There are factors that appeal to many casino players and we can count on seeing more bitcoin casino sites appear in the future.
The currency bitcoin was created by the end of 2008 by someone called Satoshi Nakamoto, but who this person really has remained unknown and it is very possible that Satoshi Nakamoto is a pseudonym for a person or group of people. “Satoshi Nakamoto” has created the software needed to use the currency bitcoin and the P2P network that the users of the currency form. The software has open source code.
bitcoin casino price Precise as for other currencies, there are people who buy and sell bitcoin for speculative purposes. Bitcoin’s value has risen sharply against currencies such as EUR and USD since 2008, partly due to the fact that the currency has become more popular as online means of transaction and partly due to currency speculation. The currency is unstable and can quickly go upside down. This contributes to Bitcoin’s popularity as speculation. Some think Bitcoin is a bubble and users should be aware of the risks it involves having money in the form of bitcoins. It is possible to earn or lose a lot depending on how the currency develops.
The fact that bitcoins are not issued by any national central bank means that the currency is not exposed to the same politically motivated devaluations and revaluations that many national currencies are affected by.
How can I use bitcoin?
bitcoin Whether you want to start using bitcoins to play in a bitcoin casino or to perform other transactions, the first step is to get a wallet for bitcoins. MultiBit is an app that works with Windows, Mac and Linux. Bitcoin Wallet is an app that works with Android.
The next step is to go to a bitcoin exchange and buy bitcoins. Examples of bitcoin exchanges that can be used by USA EU and UK users are e.g. fybse.se and kapiton.se. Keep in mind, always be careful and choose your site carefully, just as you are careful when choosing which online casino you are going to deposit. There is no guarantee that all sites of claiming to sell and buy bitcoins are serious sites. Most Bitcoin exchanges are not supervised by any authority. You can also receive bitcoins as a gift if someone you know is willing to share their bitcoins, and you can also accept bitcoins as payment for goods or services.
Now you have money in your bitcoin wallet and can use them to make a deposit to a online casino that accepts bitcoins. If you want to deposit bitcoins at a casino, for example at Mbit Casino, you only need to log in to your Mbit Casino game account and go to checkout, and select the bitcoin as the transaction option. Then follow the instructions on the screen.
How does bitcoin work?
Bitcoin uses a distributed database that is spread over the P2P network. The design makes it possible to be more anonymous than when using internet banking, credit cards and the like. However, there is no guarantee of 100% anonymity.
As mentioned above, you need a wallet (wallet file) to store your bitcoins. The wallet file is in your computer or third party, depending on the solution you choose. Keep in mind that if your wallet file becomes unavailable, for example, because your hard drive breaks, you can not access your bitcoins. It is therefore important to back up their wallet frequently.
Your wallet contains an arbitrary number of cryptographic key pairs. A key pair consists of a public key and a private key. The public key is a bitcoin address used when bitcoins are to be sent from your wallet to another wallet, so the system can know where and from whom the money should go. The private key authorizes payments from your wallet.
You can send bitcoins to anyone who has a public bitcoin address. Similarly, other users may send bitcoins to you by specifying amounts and your public bitcoin address.
Bitcoin uses asymmetric encryption of the type of Elliptic Curve Digital Signature Algorithm (ECDSA). The transactions are public and legal in a distributed database. The users’ names and personal information are not public because bitcoin addresses are used that do not contain any information about the owner of the address. In readable form, a key consists of approximately 33 characters (both numbers and letters).
When you (X) want to transfer bitcoins to another user (Y), do so by first entering Y’s public key (bitcoin address) and then enter your private key to authorize the transfer. The transaction goes through the bitcoin network.
The total amount of money is still increasing
bitcoin miningAny bitcoins are still being created (just like when a national central bank creates new money to cause inflation). This is scheduled to continue until there are 21 million bitcoins. After that, no new bitcoins will be created.
For each year, new bitcoins are created at a slower rate than before. By 2013, over 50% of 21 million bitcoins had already been created, but it will last until 2017 before 75% of 21 million bitcoins have been created.
The idea is that bitcoins will be more and more valuable compared to other currencies due to price deflation.
A bitcoin is divisible down to eight decimal places (giving 2.1 x 1015 units). Thus, the fact that 1 bitcoin has a high value does not mean that it will be difficult to use bitcoins for small transactions.
The abbreviation for one-thousandth bitcoin is mBTC. Thus, 1 mBTC is 0.001 BTC.
At the time of writing (February 2018) 1 bitcoin is worth € 8850 at the exchange office we checked the exchange rate at. This means that the value of 1 mBTC was € 0.8850.